HCKT Collar Strategy
HCKT (The Hackett Group, Inc.), in the Technology sector, (Information Technology Services industry), listed on NASDAQ.
The Hackett Group, Inc. operates as a strategic advisory and technology consulting firm primarily in North America and internationally. It offers best practice intelligence center, an online searchable repository; best practice accelerators that provide web-based access to best practices, customized software configuration tools, and best practice process flows; advisor inquiry for access to fact-based advice on proven approaches and methods; best practice research that provides insights into the proven approaches; and peer interaction comprising member-led webcasts, annual best practice conferences, annual member forums, membership performance surveys, and client-submitted content, as well as intellectual property as-a-service and Hackett Institute programs. The company's benchmarking services conduct studies for selling, general and administrative, finance, human resources, information technology, procurement, enterprise performance management, and shared services; and business transformation practices to help clients develop coordinated strategy for achieving performance enhancements across the enterprise. It also provides Oracle EEA solutions for core financial close and consolidation, integrated business planning, and reporting/advanced analytics areas. In addition, the company offers SAP solutions, including planning, architecture, and vendor evaluation and selection through implementation, customization, testing, and integration; post-implementation support, change management, exception management, process transparency, system documentation, and end-user training; off-shore application development, and application maintenance and support services; and OneStream practice that helps clients choose and deploy OneStream XF Platform and Market Place solutions. The company was formerly known as Answerthink, Inc. and changed its name to The Hackett Group, Inc. in 2008.
HCKT (The Hackett Group, Inc.) trades in the Technology sector, specifically Information Technology Services, with a market capitalization of approximately $232.2M, a trailing P/E of 16.48, a beta of 0.98 versus the broader market, a 52-week range of 9.155-26.29, average daily share volume of 359K, a public-listing history dating back to 1998, approximately 2K full-time employees. These structural characteristics shape how HCKT stock options price implied volatility around earnings windows, capital events, and macro-driven sector rotations.
A beta of 0.98 places HCKT roughly in line with broader market moves, so the strategy payoff and realized volatility track the index-equivalent baseline. HCKT pays a dividend, which adjusts put-call parity and shifts the ex-dividend pricing across the listed chain.
What is a collar on HCKT?
A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot.
Current HCKT snapshot
As of May 15, 2026, spot at $9.44, ATM IV 66.70%, IV rank 18.02%, expected move 19.12%. The collar on HCKT below is built from the same end-of-day chain, with strikes snapped to listed contracts and premiums pulled from the bid/ask midpoint at a 34-day expiry.
Why this collar structure on HCKT specifically: IV regime affects collar pricing on both sides; compressed HCKT IV at 66.70% typically pushes the short call premium to roughly offset the long put cost, with a market-implied 1-standard-deviation move of approximately 19.12% (roughly $1.81 on the underlying). The 34-day window matched to the front-month expiry keeps theta exposure bounded while still capturing the post-snapshot move; longer-dated HCKT expiries trade a higher absolute premium for lower per-day decay. Position sizing on HCKT should anchor to the underlying notional of $9.44 per share and to the trader's directional view on HCKT stock.
HCKT collar setup
The HCKT collar below is built from the end-of-day chain, with each option leg priced at the bid/ask midpoint of its listed strike. With HCKT near $9.44, the first option leg uses a $9.91 strike; additional legs (when the strategy has them) anchor to spot-relative offsets. Premiums come from the bid/ask midpoint on the listed HCKT chain at a 34-day expiry; the cross-strike IV skew is reflected directly in the per-leg values rather than approximated. Quantity sizing assumes one contract per option leg (or 100 HCKT shares for the stock leg in covered calls and collars).
| Action | Type | Strike / Basis | Premium (est) |
|---|---|---|---|
| Buy 100 shares | Stock | $9.44 | long |
| Sell 1 | Call | $9.91 | N/A |
| Buy 1 | Put | $8.97 | N/A |
HCKT collar risk and reward
- Net Premium / Debit
- N/A
- Max Profit (per contract)
- Unbounded
- Max Loss (per contract)
- Unbounded
- Breakeven(s)
- None on modeled curve
- Risk / Reward Ratio
- N/A
Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium.
HCKT collar payoff curve
Modeled P&L at expiration across a range of underlying prices for the collar on HCKT. Each row is one sampled price point from the computed payoff curve; the full curve uses 200 price points internally before being summarized into 10 rows here.
When traders use collar on HCKT
Collars on HCKT hedge an existing long HCKT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
HCKT thesis for this collar
The market-implied 1-standard-deviation range for HCKT extends from approximately $7.63 on the downside to $11.25 on the upside. A HCKT collar hedges an existing long HCKT position with a protective put while financing the put cost via a short call; when the premiums roughly offset, the collar acts as a near-zero-cost insurance band around the current spot. Current HCKT IV rank near 18.02% sits in the lower third of its 1-year distribution, where IV often re-expands toward the mean; this favors premium-buying structures and disadvantages premium-selling structures on HCKT at 66.70%. As a Technology name, HCKT options can move on sector-level news flow (peer earnings, regulatory updates, industry-specific macro data) in addition to HCKT-specific events.
HCKT collar positions are structurally neutral (protective); the modeled P&L assumes European-style exercise at expiration and ignores early assignment, transaction costs, dividends paid before expiry on the stock leg (when present), and the bid-ask spread on the listed chain. HCKT positions also carry Technology sector concentration risk; news flow inside the sector (peer earnings, regulatory shifts, supply-chain headlines) can move HCKT alongside the broader basket even when HCKT-specific fundamentals are unchanged. Always rebuild the position from current HCKT chain quotes before placing a trade.
Frequently asked questions
- What is a collar on HCKT?
- A collar on HCKT is the collar strategy applied to HCKT (stock). The strategy is structurally neutral (protective): A collar pairs long stock with a protective out-of-the-money put financed by a short out-of-the-money call, capping both tails of the position around the current spot. With HCKT stock trading near $9.44, the strikes shown on this page are snapped to the nearest listed HCKT chain strike and the premiums come straight from the end-of-day bid/ask midpoint.
- How are HCKT collar max profit and max loss calculated?
- Max profit roughly equals short-call strike minus cost basis plus net premium; max loss roughly equals cost basis minus long-put strike minus net premium. Breakeven shifts by the net premium. For the HCKT collar priced from the end-of-day chain at a 30-day expiry (ATM IV 66.70%), the computed maximum profit is unbounded per contract and the computed maximum loss is unbounded per contract. Live intraday quotes will differ as the chain moves through the trading session.
- What is the breakeven for a HCKT collar?
- The breakeven for the HCKT collar priced on this page is no defined breakeven on the modeled curve at expiration, derived from end-of-day chain premiums. Breakeven is the underlying price at which the strategy's P&L crosses zero ignoring transaction costs and assignment risk. The current HCKT market-implied 1-standard-deviation expected move is approximately 19.12%; if the move sits well outside the breakeven distance, the structure's risk-reward becomes correspondingly tighter.
- When should you consider a collar on HCKT?
- Collars on HCKT hedge an existing long HCKT stock position; the long put sets a floor while the short call finances it, often run as a near-zero-cost hedge during expected volatility windows.
- How does current HCKT implied volatility affect this collar?
- HCKT ATM IV is at 66.70% with IV rank near 18.02%, which is on the low end of its 1-year range. Premium-buying structures (long call, long put, debit spreads) are relatively cheap in this regime; premium-selling structures collect less credit per unit risk.